In late trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is storming higher. At the time of writing, the benchmark index is up 0.5% to 7,453.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
Accent Group Ltd (ASX: AX1)
The Accent share price is down 4% to $2.18. Investors may be taking a bit of profit off the table after a very strong gain this week. The catalyst for that was a bullish broker note out of Morgan Stanley. The broker upgraded the footwear retailer's shares to an overweight rating with a $2.60 price target on Wednesday.
Ioneer Ltd (ASX: INR)
The Ioneer share price has sunk 18% to 60.5 cents. This follows the release of an announcement that the future-focused mining company has formed a joint venture with the world's largest primary producer of platinum, Sibanye Stillwater. Part of the deal will see Sibanye Stillwater subscribe for 145.9 million shares in Ioneer via a placement. This is being undertaken at 65.5 cents per share, which represented an 11.5% discount to its last close price.
Lifestyle Communities Limited (ASX: LIC)
The Lifestyle Communities share price has fallen 8% to $20.30. The catalyst for this was news that its founder and CEO, James Kelly, has sold 2 million shares at an average of $21.50 per share. This represents a total consideration of $43 million. Mr Kelly advised that he was selling shares to rebalance his portfolio.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price has dropped almost 8% to $14.68. This morning the clean lithium company announced firm commitments for its $200 million underwritten placement to sophisticated, professional, and institutional investors. Vulcan is raising the funds at an offer price of $13.50 per new share. This represents a discount of 15% to the Vulcan share price prior to its trading halt.
